India is considering cutting income tax for individuals making up to 1.5 million rupees ($17,590) a year in February's budget to provide relief to the middle class and boost consumption as the economy slows,

According to the report, the government has not decided on the size of any cuts. The decision would be taken closer to February 1.

The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals